1) FSS recommends accumulating stocks while market is rebasing
Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move within the range of 1,600-1,615 points, seeing that the overall mood and tone in the market was still relaxing from the global financial crisis. However, the upside for the SET Index is limited after a huge surge in prior sessions to the level of the pre-banking crisis. The analyst recommended accumulating stocks while the market is rebasing, focusing on domestic and reopening play.
2) World Bank maintains Thailand’s economic growth at 3.6%
The World Bank maintained its outlook for Thailand’s economic growth in 2023 at 3.6%, representing a 100 basis points growth from 2022, boosted by stronger private consumption, a recovery in tourism and strong pent-up demand following the reopening in China.
The World Bank revised down Thailand’s economic growth to 3.6% in December from a 4.1% growth predicted in September last year.
Meanwhile, the economy for the kingdom is expected to grow 3.7% in 2024.
3) China manufacturing activity starts to slow down in March
Manufacturing activity in China grew at a slower pace in March amid weak global demand and property market downturn that weighed the economic growth in the world’s second largest country for more than a year, sparked by the difficulties of Evergrande Group and other Chinese property developers.
According to the data published by the National Bureau of Statistics (NBS) on Friday, The official manufacturing purchasing managers’ index (PMI) came in at 51.9, lower than a reading of 52.6 in February. Still, the data in March slightly exceeded expectations of 51.5 by Reuters poll.
